Actually I found fast writes does make a minor performance difference. If it disable it, when I run directx diagnostics, agp texture acceleration will be disabled. In q3 I would lose about 5 fps when benchmark it. With fast write enabled in the bios then agp texture acceleration will be enabled too.
I know some people have problems running radeon 8500 with fast writes enabled, but I dont seem to have any compatibility problems at the moment.